National Buildings Construction Corporation's Q3 net profit up 57%

DELHI: National Buildings Construction Corporation Limited (NBCC), a Mini-ratna company, reported 57% increase in its net profit at Rs 56.6 crore during the third quarter compared to net profit of Rs 36.04 crore for the corresponding period in the previous year. The income from operations increased by 39.65% to Rs 1,000.23 crore during October-December quarter of the 2013-14 fiscal year.

NBCC CMD Anoop Kumar Mittal said business outlook appeared bright as the company's order book read Rs 16,000 crore. "As of now, project management consultancy has been contributing the most to our revenue generation which is almost 80%. However, we are now planning to increase the share of our real estate segment to 30% from the meagre 15% in the current fiscal," he added.

NBCC has plans to aggressively tap the real estate market by constructing residential and commercial projects in every state and major cities. Mittal said the company was developing residential as well as commercial properties in Delhi-NCR, metro cities and also in tier-II cities such as Bhubaneswar, Meerut, Faridabad, Kochi and Patna.

MUMBAI: Mumbai, NCR Delhi, Chennai, Kolkata, Bangalore, Pune and Hyderabad are the leading cities for retail and real estate operations in India as they account for over 70% of the country's total retail stock.

CHENNAI: Now flats in Chennai are likely to become a tad more costly since the Chennai Metropolitan Development Authority (CMDA) has decided to charge four times the previous security deposit from the builder while issuing planning permission.

MUMBAI: The Tata group has put more into building non-cyclical consumer facing businesses. Tata Sons, the investment holding company, has put fresh equity of about Rs 2,500 crore over three years into Trent, Infinity Retail, Tata Capital and Tata Housing.

CHENNAI: Businessman Vijay Mahtaney is looking for a buyer for his over nine grounds (one ground is 2,400 sq ft) of property in Chennai's Boat Club area, its most expensive address, in what could possibly lead to one of the priciest residential realty deals in the city in recent times.

BANGALORE: Global real estate services firm Jones Lang LaSalle Indian arm has raised Rs. 161 crore through its first fund focused on residential sector in India, a development that marks a cautious return of risk capital to the country's beleaguered property market.

DELHI: Domestic property developers tying up with international designers for residential projects seems to be a trend the country's luxury real estate sector is hooked on. On offer are products ranging from homes based on the Disney theme to Spanish-style living and interiors designed by the likes of Italy's Tonino Lamborghini, Casa and Armani.